D-Wave Quantum (NYSE:QBTS) Stock Price Down 2.5% - What's Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded down 2.5% during mid-day trading on Friday . The company traded as low as $5.47 and last traded at $5.67. 35,970,401 shares were traded during mid-day trading, a decline of 67% from the average session volume of 109,499,180 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

Several research firms recently commented on QBTS. B. Riley boosted their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research report on Tuesday. Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Benchmark restated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The business's 50 day simple moving average is $5.15 and its 200-day simple moving average is $2.45. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -12.56 and a beta of 1.16.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares of the company's stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in QBTS. SG Americas Securities LLC bought a new stake in shares of D-Wave Quantum in the 3rd quarter worth $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the second quarter worth about $45,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum in the third quarter worth about $49,000. Rhumbline Advisers acquired a new stake in D-Wave Quantum in the 2nd quarter valued at about $93,000. Finally, Barclays PLC lifted its holdings in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.